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Bitcoin

As a staunch advocate of the Austrian School, I have a long track record of denouncing inflation in all it’s various manifestations. I truly believe that when the money supply is inflated through mechanisms like fractional reserve banking, you ultimately get distortions in the structure of production; there’s just no way around it. Thus, it…

It’s been a long time since I’ve made a bitcoin post. Long time readers may be aware that some of the very first posts on this blog were about bitcoin, way back in 2011. I’ve been following this currency from the start. I declared back then that bitcoin would go on to topple nation states…

It is curious to me that so many libertarians are dead set against any form of currency other than gold when history has made it abundantly clear that a gold standard can not be maintained. Consider that as soon as gold is represented by paper (or digital account balances), all the checks against inflation of…

The following is commentary from Professor George Selgin in response to my article The Economics Of Bitcoin – Challenging Mises’ Regression Theorem. Professor Selgin is another one of my favorite economists. I love his work on the private supply of money. You can watch a lecture by Prof. Selgin on the private supply of money…

There has been a lot of outcry from the libertarian gold bug community over the Bitcoin monetary system, with some commentators even going so far as to produce feature length videos decrying the monetary system. David Kramer writes on Lew Rockwell.com: What was Bitcoin’s prior material use/value? Zero. It is just bits in a computer. And what’s…

This article is in response to claims by inflationistas that Bitcoin isn’t a viable currency because the supply of coins does not inflate to counter-act deflation. Their arguments against my previous article on this subject are as follows: Big building projects are FINANCED, that means borrowed money. So the exact opposite of what you’re saying…

Why in the world are libertarians running around demanding government return to a gold standard? I have a couple of questions for libertarian goldbugs in the Ron Paul camp. 1. What possible motivations would government ever have for doing so? 2. What makes anarchists think the government would ever listen to their pleas? The answer…

Doug Casey of Casey Research recently conducted an interview where he spoke about Bitcoins to Louis James, Editor of the International Speculator. In the interview, Casey makes a few claims that had me yelling at my computer screen. It is important to remember that Casey has a vested interest in promoting a gold standard. His company, Casey…

After reflecting upon the recent articles I have written where I have defended the new peer-to-peer currency called Bitcoin from attacks by gold standard advocates, I feel it is time stop taking a defensive role and make a few offensive jabs at the much vaunted gold standard. In my articles I have spent a lot…